August 8, 2018

Verseon Corporation (“Verseon” or the “Company”)

Interim Results

FREMONT, Calif.—Verseon (AIM:VSN), a technology-based pharmaceutical company employing a computer-driven platform to develop a diverse drug pipeline, today announces its Interim Results for the six months ended June 30, 2018. The report and accounts are available for download from the Company’s website (www.verseon.com).

Highlights

Precision oral anticoagulants (PROACs)

Targeting long-term therapy in combination with antiplatelet therapy

  • Submitted phase I protocol for lead PROAC, VE-1902, and expecting first-in-human trials to start in Q3 2018.
  • Successfully validated biomarkers for use in phase I trial in ex vivo studies.
  • Second PROAC, VE-2851, is in CMC scale-up for kgs of material and is expected to enter clinical trials in 2019.

Oral diabetic macular edema drugs

Replacing or complementing current eye injections

  • Demonstrated oral bioavailability and efficacy for VE-4840 in preclinical studies.

Oral hereditary angioedema drugs

Providing an alternative to current injections

  • Demonstrated oral bioavailability and efficacy for VE-4062 in preclinical studies.

Next-generation chemotherapy agents

Addressing multidrug resistant cancers

  • Presented candidates that are largely unaffected by common modes of drug resistance to scientific community.

Conference presentations

Presenting our pipeline to the scientific, medical, and pharmaceutical community

  • American Association for Cancer Research annual meeting, Chicago/IL (oncology)
  • Association for Research in Vision and Ophthalmology 2018 annual meeting, Honolulu/HI (DME)
  • BIO 2018, Boston/MA (anticoagulation)

Finance

Results for the six months ended June 30, 2018:

  • As of June 30, 2018, total assets on the balance sheet stood at $68.3 million, including cash, cash equivalents, and short-term investments of $19.2 million, compared to $54.2 million and $11.6 million, respectively, at December 31, 2017.
  • Operating expenses totaled $10.2 million for the six months ended June 30, 2018, compared to $9.5 million for the six months ended June 30, 2017.
  • The resultant net loss was $10.2 million or $0.07 per basic share for the six months ended June 30, 2018, compared to a net loss of $8.8 million or $0.06 per basic share for the six months ended June 30, 2017.
  • Closed $22.2M mortgage for the Company’s laboratory and administrative facility, converting a portion of the value of the facility to cash.

About Verseon

Verseon Corporation (www.verseon.com, AIM: VSN) is a technology-based pharmaceutical company that pairs a proprietary, computational drug discovery platform with a comprehensive in-house chemistry and biology workflow to develop novel therapeutics that are unlikely to be found using conventional methods. The Company is applying its platform to a growing drug pipeline and currently has four active drug programs in the areas of anticoagulation, diabetic macular edema, hereditary angioedema, and oncology.

-Ends-

For further information please contact

Verseon Corporation www.verseon.com
Sebastian Wykeham / Tina Schlafly +1 (510) 225 9000
Cenkos Securities (NOMAD and Joint Broker)
Neil McDonald / Beth McKiernan +44 (0) 20 7397 8900
Cantor Fitzgerald Europe (Joint Broker)
Marc Milmo / Phil Davies +44 (0) 20 7894 7000

For financial and business media enquiries, please contact

Buchanan Communications Ltd (PR Advisers)
Henry Harrison-Topham / Henry Wilson +44 (0) 20 7466 5000

For trade and pharma media enquiries, please contact

Vane Percy & Roberts
Simon Vane Percy +44 (0) 1737 821 890
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THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS, WHICH ARE GENERALLY STATEMENTS THAT ARE NOT HISTORICAL FACTS. FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE WORDS "EXPECTS," "ANTICIPATES," "BELIEVES," "INTENDS," "ESTIMATES," "PLANS," "WILL," “OUTLOOK” AND SIMILAR EXPRESSIONS. FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S CURRENT PLANS, ESTIMATES, ASSUMPTIONS AND PROJECTIONS, AND SPEAK ONLY AS OF THE DATE THEY ARE MADE. WE UNDERTAKE NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENT IN LIGHT OF NEW INFORMATION OR FUTURE EVENTS, EXCEPT AS OTHERWISE REQUIRED BY LAW. FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES, MOST OF WHICH ARE DIFFICULT TO PREDICT AND ARE GENERALLY BEYOND OUR CONTROL. ACTUAL RESULTS OR OUTCOMES MAY DIFFER MATERIALLY FROM THOSE IMPLIED BY THE FORWARD-LOOKING STATEMENTS AS A RESULT OF THE IMPACT OF A NUMBER OF FACTORS.

Proprietary Platform

Consistently designs novel drug candidates that are unlikely to be found using conventional methods

 

Drug Programs

Multiple therapeutic areas, all with unmet (or poorly met) medical needs